Latest Realty News

DELHI: The real estate regulation and development bill that seeks to protect home buyers from dishonest builders was tabled in the Rajya Sabha on Wednesday by minister of housing and urban poverty alleviation Girija Vyas.

DELHI: A bill seeking to protect home buyers from unscrupulous developers and builders and having provisions like jail term of up to three years for offences like putting up misleading advertisements about projects repeatedly, was introduced in Rajya Sabha on Wednesday.

DELHI: Expressing hope that Parliament will pass the Real Estate (Regulation and Development) Bill in its Monsoon Session, Housing and Urban Poverty alleviation (HUPA) minister Girija Vyas said that the legislation aims to protect consumer interest but was not against the industry.

DELHI: Once implemented, the Bill will bring a lot of transparency in the sector, and all the developers support and appreciate it. However, one needs to understand that there are certain sticky points. Take the deposit of 70% of the cost of the project, which includes the land and construction cost, in an escrow account, which would suck up the liquidity from the market. The land cost is the highest one has to bear today, and currently, most developers are facing liquidity crises, which will be

MUMBAI: The Union Cabinet recently approved the creation of a real estate regulator in India, which aims at increasing transparency within the real estate sector. The Real Estate Regulation and Development Bill 2013, once enacted, would provide for a real estate regulator in each state of the country.

DELHI: Noida-Greater Noida, on the outskirts of Delhi, is one of the three real estate hotspots in the country along with Gurgaon and Navi Mumbai. Some 350,000 flats are being built here. Of these, about 50,000 will be delivered this year.

LUCKNOW: The Real Estate Regulation and Development Bill will possibly weed out non-serious developers in the business to make easy money, claim big developers of the city. More than 70% projects in the city, big as well as small, have some lacuna or the other in terms of obtaining necessary approvals, claim industry experts.

DELHI: Last week, the Union Cabinet approved the draft Real Estate (Regulation and Development) Bill 2013 that allows for the creation of a regulator in the real estate sector. Once passed by Parliament and subsequently adopted by each state, it will allow for the creation of a real estate regulator in each state (realty being a state subject).

MUMBAI: If anything, the Real Estate (Regulation and Development) Bill is only going to add to the confusion existing in the sector. In any real estate project, there are three principal stakeholders -– developer, consumer and the authorities. The bill has been designed to empower the authorities further. There is little in it for the consumer, as for the developer, his project completion time has just got longer.

MUMBAI: Real estate buyers probably did not have too many options but to seek redressal of their grievances through consumer forums. Even then, buyer agreements were always favourably tilted towards the developer and often against a buyer's interest. Now with the Cabinet clearing the Real Estate (Regulation and Development) Bill, not only will builders' disclosures and transparency on projects increase, it will also allay buyers' fears and concerns, and speedily redress grievances.